Solana Projected To Reach $500 This Year Despite Market Meltdown, Expert Predicts
01 May 2024 - 9:00AM
NEWSBTC
Solana (SOL), currently ranked as the fifth largest cryptocurrency
with a market capitalization of $56 billion, has experienced a
significant decline amid the recent market meltdown affecting the
digital asset space. Over the past 24 hours, SOL has
witnessed an 8% drop, reflecting the broader market downturn.
Despite this setback, experts believe that if the cryptocurrency
maintains support above the $120 price level, it holds notable
potential for a strong price recovery in the coming months. Bullish
Price Outlook And Key Support Levels To Watch After reaching
a yearly high of $209 on March 18, SOL’s current trading price is
$124. However, according to crypto market experts, SOL still has a
promising outlook. Altcoin Sherpa, a renowned analyst,
suggests that if the altcoin market continues to decline, the $120
price level may become an area of significant interest for
SOL. Altcoin Sherpa maintains a bullish sentiment, strongly
believing that SOL can potentially exceed $500 this year. Such a
surge would represent a significant 300% price increase from
current levels, building upon the impressive 426% year-to-date
price growth. It is worth noting that this projection is
nearly double SOL’s previous all-time high (ATH) of $259, reached
during the last crypto market bull run in November 2021. Related
Reading: Crypto Funds Mark 3rd Consecutive Weeks Of Outflows With
$435 Million In Withdrawals In addition to the analyst’s focus on
the $120 price mark, other major resistance levels for SOL have
been identified. These include $110, $102, and the critical
long-term support level at $74, representing SOL’s uptrend
structure over the past six months. Solana Dominates
Blockchain Trading Volume According to a recent CoinGecko report,
Solana has secured its position as the second-largest blockchain by
trading volume, commanding a substantial 21.3% market share in
March 2024. The blockchain platform experienced a notable
monthly growth of 244.8%, with trading volume surging to $40.05
billion, a significant increase from $11.61 billion in
February. Solana’s performance in the first quarter of 2024
was equally significant. It accounted for 14.4% of all
decentralized exchange (DEX) trading volume, totaling $62.31
billion. This represents a quarter-on-quarter (QoQ) growth of
242.7% compared to the previous quarter’s volume of $18.18 billion.
Despite strong growth, Solana’s market share in the same quarter
ranked fourth, trailing behind Binance Smart Chain (BSC). Related
Reading: XRP Price On Watch: Can This 23 Million Token Purchase
Spark A Rally? According to CoinGecko, Solana’s trading volume has
been greatly bolstered by several factors. Firstly, the doubling in
the price of Solana’s native token, SOL, has attracted increased
attention and trading activity on the platform. Additionally,
the network has witnessed large airdrops from projects such as Jito
(JTO) and Jupiter (JUP), further fueling trading volume. Moreover,
the surge in memecoins on the Solana network has significantly
contributed to its trading volume. Notably, the launch of
Book of Memes (BOME) in March proved successful, as it achieved a
market capitalization of $1 billion within two days. BOME also
secured listings on crypto exchanges like Binance and Bybit,
further amplifying trading activity on Solana. Featured image from
Shutterstock, chart from TradingView.com
Flow (COIN:FLOWUSD)
Historical Stock Chart
From Apr 2024 to May 2024
Flow (COIN:FLOWUSD)
Historical Stock Chart
From May 2023 to May 2024